Bitcoin Cash Online Casinos
Bitcoin Cash came into being on August 1, 2017, after a contentious and protracted struggle among the 'minimum' community. Powerful exchanges such as Coinbase were visibly opposed to the blockchain software revision that resulted in the hard fork creation of the virtual digital currency. However, skyrocketing prices of both Bitcoin [Core (BTC)] and Bitcoin Cash (BCH), and the co-stability of the virtual currencies seem to have led the directors to relent and allow trading of the spawned currency.
Looking at historic charts of the two assets, one could easily imagine the lesser currency as Bitcoin Mini or even a Bitcoin "echo". However, over time the two have experienced some dissonance in value while mostly experiencing similar levels of volatility and a slowly increasing disparity of value.
After entering the virtual world worth at about one-fifth the value of BTC, on the one-year birthdate, it was worth one-tenth of a bitcoin. After two years, you could buy about 30 BCH with 1 BTC.
For online gamblers, the important points to know about BCH are:
- It is accepted at many casinos that accept BTC
- It is historically nearly as stable as BTC in longterm value
- BCH is historically less volatile
- It is processed faster than BTC
- It costs less to transfer than BTC
You might ask yourself...
What's the difference... why is it faster and cheaper?
To answer those questions we have to first look at the difference and sameness of the two products and how BCH came into being in the first place.
Bitcoin Cash was not created out of thin air as a titanic competitor to Bitcoin. It was spawned from the same digital DNA, so to speak as its progenitor. The original Bitcoin (Core, Legacy) was created with a limited amount of 'space' for each block on the digital chain (1 MB each).
'Blocks' are like lines on a ledger sheet that record transactions among other things. They are recorded on at least 5 million individual computers with no central control network.
No matter how much computing power goes into the processing of creation and transaction, the original blockchain can only move so fast. It is not "scalable", so the more the blockchain is used, the slower it functions.
Bitcoin Cash split off from the original blockchain beginning with block 478558 and kept all of the good 'genetic' traits of its ancestor. It was also born eight times 'bigger' in potential. Where one miner can work in the original space, eight can work on the new fork.
Wait a minute!
What is a fork?
Simply put, it is a software 'upgrade', but one that is only implemented by some computers on the blockchain. In practice, the 'father' carries on and the 'child' is born with new attributes. They are not interdependent in any way.
Because BCH has 8x the capacity to perform, and because administrators are quick to implement that capacity when needed, it simply functions more efficiently and still has plenty of room for growth or 'scalability'.
It's faster because miners can process transactions easier.
It's cheaper because it's easier to add transactions to the blockchain.
Bitcoin Cash as a Gambling Tool
If you have ever used Bitcoin to gamble, you are already familiar with the process of purchasing, depositing, and hopefully withdrawing winnings.
Simply choose BCH rather than BTC to see your deposits appear much quicker with lower attendant fees.
If you have never gambled using a virtual currency you might be surprised just how easy it is once you get the process down.
Before we illustrate one way to gamble with Bitcoin Cash or any other virtual currency we'll mention that many online casinos that accept 'coin' will present a step by step guide to the process.
We'll also answer the burning question...
Why gamble with Bitcoin Cash?
Special bonuses - Many sites will not only offer far more than a 100% match bonus for your first (and sometimes subsequent) BCH deposit(s), the value limit can be far higher. Whereas fiat currency (USD, CAD, EUR, GBP, MYR, etc.) may be limited to 100% up to $300, the same match with BCH could be limited to 30, 40, 50, or more BCH. As the average price of a single BCH is (currently) just under $300, the amount you can deposit with a matching or greater bonus is obviously 30, 40, 50x or more times the fiat cash value.
Faster Deposits - There are a few casinos that will credit your BTC deposit immediately (Max, Cherry Jackpot, Roaring 21) and some that will expedite your deposit upon request (Brango and Extreme). However, most will wait for at least 3 confirmations of the transaction on the blockchain, others 6 or more, and some for finalization. This keeps 'clever' coinists from spending the same coins twice.
Bitcoin deposits can take 15, 30 or even 45 minutes to be credited, depending on network congestion. In over 20 BCH deposits, I have never had to wait more than 5 minutes for the funds to be credited. Often at casinos like Ignition or Bovada, BCH deposits occur in near real-time when done from a wallet rather than directly from an exchange (more on that later).
Faster Withdrawals - Some casinos already mentioned and many more will pay out winnings from a BCH deposit immediately. Yes, within minutes. Why? Because, due to the nature of the blockchain (a hacker would have to control at least half of the 5-10 million computers storing the digital ledger), there is really no way you could ever chargeback your deposit. The 'money' is good as gold in their hand, it's already 'money in the bank'.
Most others will pay you within 24-48 hours. Each casino has the right to process funds at the rate stated in their Terms & Conditions. Any casino that holds your funds longer than that really has no excuse. They just want to leverage the value of it, wait for a cheaper market price to dump reserves, or they are hoping you will play all or some of it back.
The single exception to that could be casinos that only process payments once each week, but even WinADay, Slotland, and Crypto Slots payout in 0-24 hours when the winning session was funded with a cryptocurrency like BCH.
Cheaper Deposits - While network efficiency improvements have driven the cost of BTC deposit transactions to a bare minimum (sometimes around 5% when all is said and done on a smallish deposit), BCH fees will often be pennies.
I don't know about you, but I believe that every spin counts and you never know when you might hit a jackpot. First spin? Last spin? Why give up even $5 to processing fees when the spins the money could purchase might just include the one that matters?
Cheaper Withdrawals - Just as with deposits, withdrawals come with fees. Very few operators will pay the fees for you. However, it's not worth fretting about if you deposit and withdraw using BCH rather than BTC. The price of the coins will likely change up or down a few pennies or even dollars in the time it takes to process your withdrawal so what are a few pennies when they are headed off at the pass coming your way rather than into a game that could pay you more.
Flexibility - While you may not care to gamble on the value of virtual currencies, you might want to take another look at that position. Some casinos will let you deposit with one digital currency and withdraw using another. When you have the ability, and BCH is on the rise with BTC on the fall (it happens), simply choose the currency that will translate into the most fiat currency at cashout time.
Potential "Anonymity" - Because the major exchanges already perform due diligence on your identity (know your customer, KYC), many online casinos are not required by their regulators to request as many documents - some request none. However, at least be prepared to offer a copy of your government-issued ID prior to cashing out. Some properties will still request a utility bill, etc., but that's just part of gambling online.
How to Gamble With Bitcoin Cash
The first thing you'll need to do is to create an account at an exchange. Coinbase is one of the most well-known and it has certain advantages for some players (Americans and Canadians can withdraw to PayPal).
Coinbase offers detailed guides on the creation of accounts. Depending on your location you will have several different options for buying BCH or any other accepted cryptocurrencies.
The first thing you will want to do is to figure out how you will convert your winnings into fiat cash.
This might depend on your location. We won't go into any workarounds here for players in jurisdictions where trading coins is not legal or is illegal without the proper license. If you live in one of these regions you should be able to find plenty of ancillary financial devices common in your country to transact in digital currencies if you are hell-bent on breaking the law. We don't suggest it.
For most of the world, trading in digital currencies such as Bitcoin Cash is legal, moral, and not the least bit fattening!
Click on "Trade" and enter the amount you want to purchase (in your local currency) as well as the source of funds (bank account, debit card, etc. You can also convert any other cryptocurrency on the exchange into BCH).
How to Deposit Bitcoin Cash at Online Casinos
Now, you can probably deposit directly from Coinbase or another exchange. However, some sites, like Ignition et al, ask you to create a wallet, separate from the exchange. It's a painless process that only requires an email address and password at https://www.blockchain.com/ Bitcoincash.org also provides a page linked to a variety of cryptocoin wallets from desktop to paper.
From here it's all smooth sailing. Go to one of the casinos listed here that have confirmed that they accept BCH and grab a bonus if you want one. Otherwise, simply navigate to the cashier or payments section and click or tap the Bitcoin Cash logo.
Enter the amount (usually in fiat currency) that you want to deposit. Don't worry too much about fees or getting the deposit amount precisely to the penny - the actual amount that makes it to the casino is the amount you will have credited to your account.
If you are using a bonus with a limit (eg 100% up to 30 BCH) any amount over will still be credited to your cash balance.
Note: If the bonus requires a minimum deposit, it may be a good idea to increase that amount by a few dollars (or whatever your local currency is) to be sure you will qualify for the added bonus funds.
- After entering the amount, click "Deposit"
- A BCH address will appear. Click it to copy or select and copy it onto your clipboard (CTRL+C Windows, Command+C Mac)
- Coinbase - Click "Send" > Enter the address (Ctrl+V, Command+V). For another exchange simply follow the prompts or directions
- Enter the amount or choose "Send Max" if you have only purchased enough BCH for a single session
- Your transaction will be confirmed and you will receive an email from the exchange
Go back to the casino cashier and check status or simply wait a few moments for your funds to appear. It could be instantaneous but should never take more than 5-15 minutes.
How to Withdraw Bitcoin Cash from Online Casinos
Coinbase - Navigate to "Accounts"
Choose BCH and click/tap "Receive"
Copy the "CashAddr" (begins with q or p) if the casino you won at uses the format (most have since early 2018), otherwise click "Having trouble with this address?" to access easy manual instructions to retrieve a CashAddr. (Alternately on a mobile device copy the QR code.)
Navigate to the casino cashier and enter the amount you want to withdraw.
Paste the CashAddr or other address into the provided space and execute the transaction. If there are other instructions simply follow the prompts.
Even instant withdrawals can take an hour or two to appear in your account - sometimes they are nearly instantaneous.
Retrieve your winnings, wallet them, or leave some or all on the exchange to gamble with the BCH price and retrieve them later.
How to Convert BCH Winnings Into Spendable Cash
- Coinbase - Go back to the "Trade" section and click the tab for "Sell".
- Choose your local currency wallet
Now, it's time to withdraw those 'dollars'!
If you are in a region that allows PayPal withdrawals, and you want your money in a hurry, link your PayPal account.
If PayPal doesn't appear as an option it is not yet available in your region.
Choose PayPal or send the funds to your bank account via wire transfer or ACH (automated clearing house). Wire transfers are actually quicker than ACH payments because they are executed in real-time. ACH payments are 'batched', but have lower fees or no fees on your bank's end.
You may be irked that it costs a little bit of money to sell your own crypto to yourself, but it's really a currency conversion fee and most people prefer to pay the exchange for the convenience.
PayPal withdrawals are immediate and free (after selling to your USD or another fiat wallet).
Brief Bitcoin Cash (BCH) Gambling FAQ
What is Bitcoin Cash?
BCH is a cryptocurrency created on August 1, 2017
Why should I choose BCH over Bitcoin?
BCH transactions are faster and cheaper than BTC transactions
Why should I use any virtual currency?
The reasons can be manifold, but we'll focus on the top four...
- Bonuses - The bonuses available can be much more attractive and potentially more profitable
- Payouts - Cashouts can be much faster. 0-15 minutes at some casinos and within 24-48 hours at most others
- Privacy - While Exchanges are regulated financial institutions, wallets are not. If you use a wallet, your transaction's origin will be anonymous
- Convenience - Because you provide your picture ID to an exchange to create an account, many online casinos will not require the customary documents, faxback sheet, etc. However, keep in mind that if you have deposited with a debit or credit card since you last provided documents, you may be required to do so again before withdrawing BCH, BTC, or any other cryptocurrency.
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